In recent days, there has been an increased number of stories in the news about cybersecurity incidents. In today’s digital age, small businesses can often be easy targets for cyber threats. With limited resources and expertise, cybersecurity is often put on the backburner, not thought of until they have fallen victim to an attack. Being a victim of a cyber attack can be costly, taking time, risking reputation, and financial loss. According to IBM’s 2023 Data Breach Report, the average Canadian company is paying nearly $7 million per incident in data breach costs. While this amount may be reflective of larger businesses, the point still stands that dealing with a cyber incident can be costly.

What We’re Seeing

Over the last year, we’ve seen many organizations fall victim to phishing attacks, whereby an attacker posing as a legitimate and trusted entity tricks the victim into taking action. Most recently, we’ve seen accountants and bookkeepers fall victim to these types of attacks, with attackers gaining access to a supplier or vendor’s email account and tricking businesses into changing the banking details they have on record, thus releasing funds to the attacker’s bank account.

The Importance of Training

Human error is a leading cause of security breaches. Providing regular, comprehensive cybersecurity training to employees is essential. They should be educated on identifying phishing attempts, using strong passwords, recognizing potential security threats, and overall best practices. Employees who can recognize phishing attempts are one of the most effective strategies for mitigating the risk of successful attacks. Educate users about the telltale signs of phishing emails, such as spelling and grammar errors, generic greetings, and suspicious URLs.

In particular, your accounting department should be equipped with the knowledge to recognize fraud when it’s occurring, and proper controls should be put in place to ensure accounting information is not changed without ensuring the proper authority and confirmation has been given.

Ask Us Today About Cybersecurity Training!

We assist clients with all aspects of their cybersecurity posture. Triware’s advisory team regularly provides training sessions for organizations on the latest cybersecurity trends and strategies, and can also help with the implementation of formal training platforms to help your employees better recognize potential threats. Training is a great way to start the discussion of cybersecurity in your organization. Reach out to us today to find out more and help keep your organization safe.